Daily Market Wrap: October 2, 2012Tuesday, October 2, 4:46 PM ET

Optimism over Spain's request for a bailout were wiped out by concerns over the slowdown of the global economy as the markets sank into negative territory this afternoon.

Automakers posted monthly auto sales today, boosted by the sale of small cars. Among those reporting a gain in September were GM (NYSE:GM), Toyota(NYSE:TM) and Chrysler (DAI). Ford (NYSE:F) did not fare as well, as it sold 200 fewer cars than it did in the same period a year ago.

Petsmart (PETM) will replace Sunoco (NYSE:SUN) in the S&P 500 on October 4th, according to the S&P Dow Jones Indices.

Sunoco is expected to be acquired by Energy Transfer Partners in a deal worth $5.3 billion.

Shares of clothing retailer Express (NYSE:EXPR) are sharply lower today as the company cut its forecast for the current quarter and also warned of a weak holiday season.

Tomorrow, we'll take a look at the ADP employment report as well as earnings from Monsanto (NYSE:MON) and Family Dollar (FDO)

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